NDIC Holds Workshop for Media on Development in Financial Sector

As part of a measure to enhance   understanding its role, the Nigerian Deposit Insurance Corporation organized a workshop for the media in Ibadan, the Oyo State capital

The workshop was the 18th of its kind for business editors and Financial Correspondents Association of Nigeria FICAN.

In a keynote address, Managing Director, Chief Executive of Nigeria Deposit Insurance Corporation, NDIC, Mr Hassan Bello, said the workshop was meant to give the media a better understanding of the operations of NDIC role in strengthening the financial system and to strengthen and broaden their ability to be to interrogate and interpret development in the financial sector in general.

In a paper entitled ‘The State of Global and Domestic Economy, Major Influences and Outlooks after Extreme Disruption  Mr Hassan Mahmud Director Monetary Policy Department CBN, presented by Deputy Director, Research Policy and International Relations department, Dr Kabiru Katata, pointed that the global economy had been impacted by Covid-19 pandemic, adding that the stock market, energy and other sectors of the economy needed to be kept under watch.

Similarly, in a paper entitled Cyber Crime and Cyber Risks: Landscape in Nigeria and the Need for Consumer Protection, Head Information Technology Department NDIC, Mr Imade Uhunmwagho, described scary experiences of consumers who get fleeced of hard income by cybercriminals.

He said cyber security framework is crucial to ensure enterprises are secured against internet fraud besides the imperative for, people should know what to do to safeguard themselves against cyber fraud and various investments scams.

He added that relevant agencies were collaborating to arrest the menace of cybercrimes.

In interactive sessions, participants expressed called for stringent measures in the financial sector especially in mobile banking as it affects the safety of customers deposits while also seeking a high level of collaboration between NDIC and the Central Bank of Nigeria. 

Participants described the event as quite informing.

They urged NDIC to continue to update business editors and financial correspondents to keep them informed.

The three-day workshop with the theme Enduring Extreme Disruption: Resilience and Reinvention for Banking System Stability and Deposit Insurance ends on Friday, October 22.

Simeon Ugbodovon